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Federal Deposit
Insurance Corporation

Each depositor insured to at least $250,000 per insured bank

Failed Bank Information for BankFirst, Sioux Falls, SD

On Friday, July 17, 2009, BankFirst was closed by the South Dakota Division of Banking. The FDIC was named Receiver. Alerus Financial, National Association, Grand Forks, ND acquired all deposit accounts.

The FDIC as Receiver for BankFirst, Sioux Falls, SD has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on March 8, 2018 and has made all dividend distributions required by law.

Effective July 1, 2018, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.

Receivership Status

TERMINATED

Notice of Termination (www.federalregister.gov)

Effective Date: July 1, 2018


Notice of Intent to Terminate (www.federalregister.gov)

Publication Date: March 8, 2018

Dividend Information

Report on dividends paid


Press Release

Official press release

cautionBeware of scams!

Please be advised you will not receive any email notification to claim, unlock or suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.

caution

Beware of scams!
Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.

ACQUIRING INSTITUTION: ALERUS FINANCIAL, NATIONAL ASSOCIATION

About Alerus Financial, National Association

All deposit accounts were transferred to Alerus Financial, National Association, Grand Forks, ND ("assuming institution"). Former BankFirst locations reopened as branches of Alerus Financial, National Association.

Your transferred deposits were separately insured from any accounts you may have already had at Alerus Financial, National Association for at least six months after the failure of BankFirst.

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Alerus Financial, National Association as long as the deposits are not pledged as collateral for loans.

Contacting Alerus Financial, National Association

You can contact Alerus Financial, National Association:

Alerus Financial, National Association
401 Demers Avenue
Grand Forks, ND 58201

Alerus Financial, National Association (www.alerus.com)

Transaction Documentation

Purchase & Assumption Agreement - PDF
Agreement between FDIC and acquiring institution

Bid Summary
Report on the bids to purchase the failed bank

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